Milhaus, a national award-winning developer, owner and operator of Class A multifamily properties, has closed on its second residential apartment development in Tempe, Arizona. The $56-million Qualified Opportunity Zone development located at 2119 E Apache Blvd. will offer 219 studio, one- and two-bedroom apartment units and five live-work spaces. The complex will be … [More]
Class A Multifamily for Avondale
Scottsdale-based Sterling Real Estate Partners recently acquired 9.6 acres of land with plans to develop Crystal Cove, a 238-unit, Class A apartment complex in the heart of Avondale’s rapidly expanding community. The land is located in a Qualified Opportunity Zone, which provides for significant tax benefits to investors and will deliver additional multifamily housing to the … [More]
Real Estate Equities Closes on First Affordable Housing Development in Arizona
Real Estate Equities successfully closed on Copa Flats in Maricopa AZ. Copa Flats will be an amenity-rich family affordable housing development affordable to those making 60% of Area Median Income or less. It is well-located in the City of Maricopa near retail, restaurants, and recreational opportunities. The 312-unit project, comprised of one, two, and three-bedroom … [More]
54-Acre Industrial Logistics Park Planned in Buckeye, AZ
SVN Desert Commercial Advisors completed the sale of an approximately 54-acre industrial development site in Buckeye at the southeast corner of Southern Ave. and Rainbow Rd. within the Buckeye Rail Corridor. The property was acquired from KWC Motorsports LLC, for $6,525,000 by Buckeye 54 LLC, a Joint Venture formed by Contour Real Estate and Shopoff Realty Investments … [More]
El Mirage Land Purchased to Be One of the Largest Industrial Parks in Arizona
Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is pleased to announce the acquisition of 961 acres of land in El Mirage, Ariz., a suburb of Phoenix, which will be developed into one of the largest industrial parks in Arizona’s history, with initial development … [More]
Commercial Real Estate Investment Firm Acquires Its Seventh Property in Phoenix
San Diego-based Tower 16 Capital Partners has acquired Park 67 Apartments, a 160-unit multifamily property located in Glendale, Ariz., for $30.4 million. The Park 67 Apartments project was built in 1973 and was acquired from a private seller. “This acquisition marks our seventh property acquired in the Phoenix market and increases our foothold in the Phoenix area to nearly … [More]
First Active 55+ Apartment Community in Cooley Station Area of Gilbert Begins Leasing
Greystar, a global leader in the investment, development, and management of high-quality rental housing properties, is proud to announce that Album Cooley Station – the first true active adult 55+ apartment home community in the Cooley Station area – is now pre-leasing. “Album Cooley Station is an active adult community, providing an active lifestyle for likeminded adults in … [More]
256-Unit Multifamily Community in Glendale’s Arrowhead Ranch Sells for $101.5M
Institutional Property Advisors (IPA), a division of Marcus & Millichap, Inc. (NYSE: MMI), announced today the sale of Arrowhead Ranch by Baron, a 256-unit multifamily asset in the Arrowhead Ranch master-planned community in Glendale, Arizona. The $101.5 million sales price equates to $396,484 per unit. “One of only four assets constructed within the Northwest … [More]
Development Launches Sales at Eastmark Master Planned Community
Homes Corporation, a publicly traded residential homebuilder, announced today homes are now selling in Greenpointe at Eastmark, a new neighborhood within the larger Eastmark master planned community in Mesa, Arizona. “Readers of ‘Ranking Arizona’ voted Eastmark the No. 2 best master-planned community of 2021, and we’re pleased to contribute to the tradition of excellence … [More]
NAIOP Arizona Takes On Ambitious Legislative Agenda in 2022
The Arizona Chapter of NAIOP, the commercial real estate development association, just released its 2022 legislative agenda. NAIOP’s policy priorities focus on protecting the economy from damaging tax increases, improving certainty for developers engaged in complex projects that aid in business attraction, and returning control of the ballot initiative process to Arizona … [More]
Mattamy Homes to Develop Bonita Ranch Community in Surprise, AZ
Mattamy Homes, North America's largest privately owned homebuilder, is pleased to announce that it has closed on another significant land purchase in Surprise, AZ. The 72-acre property, known as Bonita Ranch, was purchased for $10.95 million and is approved for 208 home sites. The deal closed on November 19, 2021. "The Mattamy team is truly excited about bringing … [More]
Merit Partners, Lexington Realty Begin Work on Phoenix-Area Project
Work has gotten underway on Merit Partners Inc. and Lexington Realty Trust’s two speculative industrial buildings at PV 303, a 1,600-acre, master-planned business park just outside Phoenix in Goodyear, Ariz. Acting on behalf of the development team, Stevens-Leinweber Construction broke ground on Buildings 3 and 4, which will encompass 880,000 square feet of Class A … [More]
Nevada-Based Investor Acquires West 101 Corporate Center, 93% Leased
Cushman & Wakefield has brokered the sale of West 101 Corporate Center, an 81,040-square-foot, multi-tenant Class A office property in Phoenix, Arizona. Located at 1860 N 95th Lane in the West Valley trade area, the building was acquired by Overstreet Project LLC, a Nevada-based investor, for $17.5 million. The asset was approximately 93% leased at the time of sale. The … [More]
Downtown Phoenix’s Newest and Most High-Profile Residential Building Opens
This week downtown Phoenix will open of one of the most high-profile buildings in its history — one that pays direct homage to the city’s past while showcasing its bright future. Adeline Luxury Living is welcoming its first residents in the first week of December. Comprising 379 luxury for-rent residences, Adeline is a 25-story building that boasts panoramic views of the … [More]
Indianapolis Developer Expands in Tempe with New Sustainable Living, Opportunity Zone Development
Milhaus, a national award-winning developer, owner and operator of Class-A multifamily properties, has closed on its second residential apartment development in Tempe, Arizona. The $56 million Qualified Opportunity Zone (QOZ) development located at 2119 E Apache Blvd in Tempe will offer 219 studio, one- and two-bedroom apartment units and five live-work spaces. The complex … [More]
Landscape Trends in COVID-Era Residential Development
The year 2020 brought so many challenges, yet so many great stories. Isolation from lockdown simply reinforced our need for community and desire for social connections. “Netflix and chill” gave way to a beautiful spring where tree-lined pathways through community greenbelts were filled with joggers and bikers. Pet adoptions were at all-time highs, and the development of dog … [More]
Tri Pointe Homes Adding New Homes in Three Metro Phoenix Communities
In our hot housing market where low inventories are a big part of the problem, Tri Pointe Homes (which served the Phoenix market for more than 25 years under the name Maracay®) has acquired 210 homesites on which it plans to build new homes in three communities across the Phoenix metro area. The land purchases in Chandler and San Tan Valley fit the homebuilder’s growth strategy … [More]
Toyota Financial Services Center Opens with Regional Design and LEED Cert
Toyota Financial Services Experience Center West was recently completed. Located in Allred Park Place at 1650 S. Price Road in Chandler, Arizona, TFS West is a 56,219-square-foot workplace organized into neighborhoods with a variety of spaces to support employees’ unique work styles and changing needs. Focus zones, formal meeting environments and informal collaboration spaces … [More]
